Crude jumps on US Russian oil ban, Asian shares wobble – The Peninsula

Crude jumps on US Russian oil ban, Asian shares wobble – The Peninsula

Shanghai: Crude oil prices jumped again on Wednesday while Asian stocks struggled for footing as investors assessed the impact of the worsening conflict in Ukraine and a new U.S. ban on Russian oil.

The price of a barrel of crude, already on the march higher in January on supply worries and expectations of a strengthening global economic recovery, has rocketed upward since Russia launched its invasion of Ukraine on Feb. 24. Oil is now roughly double its early December low.

Risking even higher U.S. fuel prices that could curb economic growth, President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion, amid strong support from American voters and lawmakers.

The ban caps sweeping U.S. and European sanctions imposed on Moscow for launching the largest war in Europe since World War Two. Russian strikes have targeted Ukrainian cities and killed hundreds of civilians.

Britain also announced it will phase out imports of Russian oil and oil products by the end of 2022.

"The oil shock by nature is an accruing one, not a one-off, and the potential for the market to hit $150 before returning to $100 is easier for investors to digest," said Stephen